Zoe Hughes
The Los Angeles-based private equity real estate firm, famed for its opportunistic plays, is expanding into new areas. The move is being spearheaded by Colony president Richard Saltzman, the man credited with creating the first real estate opportunity fund and the modern-day REIT.
The Los Angeles-based private equity real estate firm, famed for its opportunistic plays, is expanding into new areas. The move is being spearheaded by Colony president Richard Saltzman, the man credited with creating the first real estate opportunity fund and the modern-day REIT.
Just €392m worth of transactions were completed in the first six months of 2008, compared to €1.9bn for the same period last year, according to a report by CBRE which warned the country was going through a ‘very challenging period.’
The joint venture that recently raised a $1bn real estate fund is targeting the Florida residential sector. The firms have acquired 500 condos in the Sunshine State ‘at significant discounts.’
The $72.3bn US pension joins a raft of North American funds recording losses for the year to June 30. Once again real estate was the best performing asset class returning 8.74%, followed by fixed income and private equity.
The Texas private equity real estate firm formerly known as N3 Capital Partners has renamed itself after a landmark bridge in Austin, where it is relocating its headquarters. The firm, which closed its debut fund on $250m last year, is targeting commercial and residential real estate as well as land assets.
The president of private equity real estate firm GoldenTree InSite Partners, Tom Shapiro, has warned the US real estate market is in store for more pain ahead as fundamentals, such as rents, weaken. It comes as UK real estate company, British Land, said prospective rents were “drifting downwards.”
The stakes are raised in the gaming industry as a listed-investment vehicle of private equity firm Apollo Global Management marks down its co-investment in casino company Harrah’s Entertainment by 25%. Harrah’s was acquired by Apollo and TPG for a total of $17.1bn earlier this year.
The latest quarterly report from the US Real Estate Roundtable warns that 95 percent of real estate chief executives feel that access to debt financing is worse than 12 months ago, with almost nine out of 10 professionals saying commercial asset values will stay flat or even drop over the coming year.
The real estate arm of the US pension fund and asset manager is targeting commercial real estate opportunities in the UK and Europe with its first international office. Former Invesco retail executive Paul Wilson will lead the effort.